DDM Analysis: 002065.SZ

Valuation Snapshot

Stable Growth	$4.21 - $22.34	$8.38
Multi-Stage	$2.42 - $2.64	$2.53
Blended Fair Value	$5.45
Current Price	$10.78
Upside	-49.42%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.57%	12.62%	0.10	0.09	0.09	0.08	0.11	0.10	0.10	0.05	0.07	0.06
YoY Growth	-	-	12.70%	-5.55%	15.77%	-29.24%	17.99%	-3.17%	87.68%	-24.77%	26.19%	84.93%
Dividend Yield	-	-	0.96%	1.55%	1.13%	1.14%	1.54%	0.75%	1.07%	0.64%	0.67%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	360.31
(-) Cash Dividends Paid (M)	184.07
(=) Cash Retained (M)	176.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	72.06	45.04	27.02
Cash Retained (M)	176.24	176.24	176.24
(-) Cash Required (M)	-72.06	-45.04	-27.02
(=) Excess Retained (M)	104.17	131.20	149.21
(/) Shares Outstanding (M)	3,206.96	3,206.96	3,206.96
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	7.75%	7.75%	7.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.21	$8.38	$22.34
Upside / Downside	-60.91%	-22.31%	107.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	360.31	383.73	408.67	435.23	463.52	493.65	508.46
Payout Ratio	51.09%	58.87%	66.65%	74.44%	82.22%	90.00%	92.50%
Projected Dividends (M)	184.07	225.90	272.39	323.97	381.10	444.29	470.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.75%	7.75%	7.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	207.68	209.65	211.62
Year 2 PV (M)	230.23	234.61	239.04
Year 3 PV (M)	251.74	258.97	266.33
Year 4 PV (M)	272.26	282.73	293.50
Year 5 PV (M)	291.80	305.90	320.53
PV of Terminal Value (M)	6,503.23	6,817.34	7,143.47
Equity Value (M)	7,756.94	8,109.20	8,474.49
Shares Outstanding (M)	3,206.96	3,206.96	3,206.96
Fair Value	$2.42	$2.53	$2.64
Upside / Downside	-77.56%	-76.54%	-75.49%

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DHC Software Co.,Ltd. (002065.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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